Over the last number of months, Auckland sales have outstripped listings.
Last year, the Greenhithe market (in line with the overall North Shore Market) showed low turnover volume (at 147 sales for the 2010 year – REINZ) representing around 70% of an average year (like 2009, with 204 sales – REINZ). This year sales volumes are back to normal (looking on track for around 200 sales). Purchasers (and even some investors) are back in the market.
Vendors (sellers) have been slow to take advantage of this renewed interest, and replacement listings have been well down. As a result, we are now very short on houses to sell and this has become the limiting factor in the market.
“At the end of May the inventory of unsold houses on the [Auckland] market fell to 30 weeks as compared to the long term average of 34 weeks.” (Realestate.co.nz, NZ Property Report, 1 June)
This year Auckland prices have recovered from the slow downward slide seen last year to now be 0.3% up on last yr and only 1.8% below the 2007 peak of the market (QV Property Update, 8/6/11).“With interest rates low, the labour market improving, and consumer confidence rising, we expect [rising turnover and recovering prices] to continue this year, especially as awareness grows of the shortage we have long written about.” (Tony Alexander, Real Estate Overview, 30 May)
This very much reflects the mood in the Greenhithe area. We have had rapid responses to new listings coming on the market with frequent multi offers & good results in the Auction rooms.
If you are looking to buy – try to be in a position to move quickly, if the right property comes along. If you are looking to sell, take advantage of the shortage of property & consider listing NOW!
June 09 2011 10:18 am | Uncategorized